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Rating: A- (Fitch)

Rating: Aa3/A+/AA-

The sub-underwriting phase for Royal Bank of Scotland's £490m acquisition facility for construction company Carillion has closed. Tickets of £100m with a target hold of £65m were targeted at possible mandated lead arrangers. There is a sub-underwriting fee of 12.5bp and a participation fee of 17.5bp. The facility is split into a £250m five year term loan, a £190m five year revolver and a £50m 364 day revolver. The term loan and 364 day revolver both pay a margin of 95bp and the other revolver pays 85bp.

Dana, the auto parts company gapped wider from 23.5%/24% upfront yesterday morning to 31% upfront later in the day. In terms of a running price, it was 440bp wider, said auto dealers in New York. Dana is due to renegotiate its bank lines this month. However, there is speculation that it is struggling to do so. It was also said that even if it does successfully renegotiate its lines, they will be on the lines of debtor in possession (DIP) rules. This allows financing to continue even if a firm is in Chapter 11 bankruptcy proceedings and is usually seen as a precursor to such a step.

Colt Telecom was a big mover yesterday. It narrowed by around 200bp to 210bp/230bp after it announced that it will buy back up to £300m of bonds. It has notes due to mature in 2007, 2008 and 2009. However, what proved, more exciting than the bond buyback was the news that it will create a holding company to execute the buyback. This led to market speculation that the holding company will issue all further debt, leaving Colt Telecom debt-free.

Citing "an unsustainable current account deficit and soaring internal indebtedness", rating agency Fitch this week revised its outlook on Iceland's foreign currency debt to negative from stable and, alongside a decline of 7% in the value of the króna, there was a marked sell-off in Icelandic credit in the CDS market. However, by the end of the week, levels had been, in large measure, restored and the earlier rush for the exit doors was beginning to look like a panic trade.

Rating: Ba3 (positive) Moody's

The roll of the Series 4 iTraxx indices into Series 5 is completed in less than four weeks. On previous occasions, the basis to the theoretical in the old index was driven tighter to negative levels while the new index was pushed wider into positive territory. This was because the majority of accounts were short the old index (that is to say they had bought protection) and then they closed out these positions before rolling fresh shorts into the new, more liquid index. However, on this occasion, analysts expect developments to be different.

Rating: Aaa/AAA

Kazakhstan's Bank CenterCredit became the third bank from the country to issue hybrid tier one capital securities this week when it sold $100m of perpetual non-call 10 year bonds on Wednesday through ING.

Rating: Aa2/AA-/AA+

Rating: B3/CCC